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Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Schedule of Notional Amounts of Outstanding Derivative Positions

The following table presents the notional contract amounts for forward contracts outstanding:

									As of
			FASB ASC Topic 815 Designation						March 31, 2022						December 31, 2021
Forward exchange contracts			Cash flow hedge						$	189,696					$	172,894
Forward exchange contracts			Non-designated						57,255						38,897

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)

Foreign exchange contracts designated as cash flow hedges had the following effects on accumulated other comprehensive income (loss) ("AOCI") and net earnings on our consolidated condensed statements of comprehensive income and our consolidated condensed balance sheets:

						Amount of Gain Recognized in AOCI												Consolidated Condensed Statements of Comprehensive Income															Amount of Gain (Loss) Reclassified from AOCI
						Three Months Ended March 31,
																								Total Amount of Line Item Presented
Derivative Instrument						2022						2021						Location of amount reclassified						2022			2021						2022						2021
Foreign exchange contracts						$	3,247					$	3,593					Net Sales						$	242,327		$	232,677					$	1,744					$	(1,849)
																		Cost of Sales						106,336			104,228						75						265
Pre-tax gain (loss)						$	3,247					$	3,593																				$	1,819					$	(1,584)
Tax expense (benefit)						787						868																					441						(383)
Net gain (loss)						$	2,460					$	2,725																				$	1,378					$	(1,201)

Derivatives Not Designated as Hedging Instruments

Net gains and losses from derivative instruments not accounted for as hedges and gains and losses on our intercompany receivables on our consolidated condensed statements of comprehensive income were:

												Three Months Ended March 31,
Derivative Instrument						Location on Consolidated Condensed Statements of Comprehensive Income						2022						2021
Net gain (loss) on currency forward contracts						Selling and administrative expense						$	(958)					$	458
Net gain (loss) on currency transaction exposures						Selling and administrative expense						$	415					$	(1,123)

Schedule of Fair Value for Forward Foreign Exchange Contracts

The following tables summarize the fair value for forward foreign exchange contracts outstanding at March 31, 2022 and December 31, 2021:

March 31, 2022			Location on Consolidated Condensed Balance Sheet						Asset Fair Value						Liabilities Fair Value						Net Fair Value
Derivatives designated as hedged instruments:
Foreign exchange contracts			Prepaid expenses and other current assets						$	6,518					$	(570)					$	5,948
Foreign exchange contracts			Other long-term assets						651						(344)						307
									$	7,169					$	(914)					$	6,255
Derivatives not designated as hedging instruments:
Foreign exchange contracts			Other current liabilities						46						(213)						(167)
Total derivatives									$	7,215					$	(1,127)					$	6,088

December 31, 2021			Location on Consolidated Condensed Balance Sheet						Asset Fair Value						Liabilities Fair Value						Net Fair Value
Derivatives designated as hedged instruments:
Foreign exchange contracts			Prepaid expenses and other current assets						$	5,331					$	(430)					$	4,901
Foreign exchange contracts			Other long-term liabilities						82						(161)						(79)
									$	5,413					$	(591)					$	4,822
Derivatives not designated as hedging instruments:
Foreign exchange contracts			Other current liabilities						38						(180)						(142)
Total derivatives									$	5,451					$	(771)					$	4,680

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Tabular disclosure of gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings.

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-Section 50
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Tabular disclosure of derivative instrument not designated or qualifying as hedging instrument.

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